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CEPA boosts India, UAE trade: Trade between India and the UAE surged 14.76% to $83.64 billion in 2023-24

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The trade relationship between India and the United Arab Emirates (UAE) has experienced significant growth in the financial year 2023-24. According to the annual report of the UAE India CEPA Council, bilateral trade increased by 14.76% year-on-year to reach $83.64 billion. This marks the first full financial year since the implementation of the Comprehensive Economic Partnership Agreement (CEPA), which has played a crucial role in reducing trade barriers and facilitating economic expansion.

India’s exports to the UAE saw a substantial surge of 27.03%, while the UAE’s exports to India also increased by 7.09% compared to the previous financial year (2022-23). The positive impact of CEPA, which came into force on May 1, 2022, has been evident in these figures, as the agreement has streamlined trade processes and encouraged investment flows between the two nations.

One of the most notable sectors benefiting from this trade growth is the gem and jewellery industry. Bilateral trade in this sector expanded from $20.88 billion in FY2022 to $28.15 billion in FY2024, marking an impressive 35% increase. India’s gem and jewellery exports to the UAE witnessed even greater growth, rising by over 60% from $4.95 billion in FY2022 to $8.04 billion in FY2024.

India’s non-oil trade with the UAE rose by 20.1% to $59.72 billion in 2023-24, compared to $49.73 billion in the previous year. The strong trade ties have also been complemented by a rise in bilateral investments. Indian investments in the UAE amounted to approximately $1.16 billion, covering a range of industries including technology and logistics. Meanwhile, the UAE emerged as India’s fourth-largest foreign investor, committing $3.35 billion to high-potential sectors within India.

The India-UAE trade relationship has strengthened significantly since the implementation of CEPA, fostering a robust and mutually beneficial economic partnership. The substantial growth in trade volumes, particularly in non-oil trade and the gem and jewellery sector, underscores the effectiveness of the agreement in enhancing economic cooperation. With continued policy support and investment facilitation, both nations are poised for sustained trade growth in the coming years.

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Lukson Builds India’s Sustainability Benchmark For LGD With A Fully Solar Powered Manufacturing Facility

Lukson Combines A Solar Powered CVD Facility With 500 Reactors, Internationally Certified Stones and A Group Legacy Of Over 1 Lakh Trees Planted Across Gujarat

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As India’s lab grown diamond market accelerates, most brands in the category lean on a single claim, that a diamond grown in a lab is kinder to the planet than one pulled out of it. Lukson, the vertically integrated lab grown diamond jewellery brand from the JK Star Group, is going several steps further, backing that claim at the infrastructure level with one of the few fully solar powered diamond growing operations in the country.

At the heart of this story is the Group’s CVD diamond growing facility in Surat, Gujarat, operated under AVP Star, the JK Star Group’s lab grown diamond manufacturing arm. The facility runs entirely on solar power drawn from the Group’s dedicated solar plant in Navsari, Gujarat, and houses 500 CVD reactors, where every Lukson diamond begins its journey as a tiny seed. From growing and coring to slicing, laser processing, cutting, polishing and grading, every stage is handled in house, giving the brand an unbroken chain of quality control and traceability that few players in the category can match.

The commitment extends well beyond the factory. The Group has planted over 1 lakh trees across Gujarat as part of its environmental programme, while its philanthropic arm, the JK Star Charitable Trust, has contributed over 10 percent of net profits from all five group companies since 2019 towards education, healthcare, tree plantation, environmental sustainability and food distribution.

The stones themselves carry independent proof. Lukson’s lab grown diamonds are certified by leading international laboratories including IGI, GIA and GCAL, with an inventory of around 40,000 certified stones held across the Group’s New York and India offices.

Vedant Lukhi, Co-Founder, Lukson Who leads the Group’s CVD diamond growing technology and operations, Said:

Vedant Lukhi

“Lab grown does not automatically mean sustainable. A diamond grown in a lab still needs energy, and if that energy comes from fossil fuels, the sustainability story falls apart”

“That is why we invested in making our facility solar powered. When the factory growing your diamond runs on the sun, sustainability stops being a marketing line and becomes something you can walk into, measure and verify. That is the standard we believe the entire industry should be held to.”

Anand Lukhi, CEO and Co-Founder, Lukson Said:

“For us, sustainability was never an afterthought or a trend to ride, it is the inheritance we chose to build on.”

“We come from a family that has spent over three decades in diamonds, and when we imagined Lukson, we were clear that the next generation of Indian consumers deserves jewellery they can feel genuinely good about, in how it looks, how it is priced and how it is made. Our customers should never have to choose between beauty and responsibility. With Lukson, they get both, backed by proof at every step from the reactor to the retail shelf.”

Launched in January 2025 by Anand Lukhi and Vedant Lukhi as the JK Star Group’s first D2C venture, Lukson brings this manufacturing depth directly to the modern Indian consumer, offering certified lab grown diamond jewellery crafted in 9KT, 14KT and 18KT gold, backed by BIS hallmarking and a lifetime buyback policy. The brand retails across ten cities including Mumbai, Delhi, Gurugram, Noida, Pune, Hyderabad, Ahmedabad, Chennai, Jaipur and Guwahati, alongside Amazon, AJIO, Pernia’s Pop Up Shop, Eternz and lukson.co, with try at home and video shopping convenience across key cities.

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